Trading of shares of Marka, the Dubai-listed retail operation, will be suspended at least through September 4, the company said in a statement filed to the Dubai Financial Market (DFM).
Marka shares have been suspended from trading since late April, when in a general assembly Marka shareholders agreed to postpone discussions regarding a restructuring plan under another meeting, in September.
In light of the agreement, the Securities and Commodities Authority (SCA) resolved to suspend trading until September 4.
“Until the date of the incoming general assembly…the management of the company is in continuous collaboration with SCA to provide SCA with all the information or documents that SCA might require from time to time under the trading of shares is resumed,” the statement added.
In April, Marka – which has exclusive rights to manufacture and sell Real Madrid products in the Gulf – said it expected to be operationally profitable in Q1 2018.
The struggling retailer, which embarked on an ongoing cost control programme, has failed to turn a profit since it was first established in 2014.
In an April statement, Marka chairman Khaled Jassim bin Kalban said that the company’s restructuring programme was beginning to show “beneficial impact.”
In 2017, Marka announced a new CEO, Benoit Lamonerie, to replace Nick Peel, who resigned in 2016 after failing to make Marka profitable, which he said would occur by Q4 2015.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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